Intrinsic value of Public Storage - PSA

Previous Close

$195.68

  Intrinsic Value

$34.64

stock screener

  Rating & Target

str. sell

-82%

Previous close

$195.68

 
Intrinsic value

$34.64

 
Up/down potential

-82%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as PSA.

We calculate the intrinsic value of PSA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.51
  3.50
  3.65
  3.78
  3.91
  4.02
  4.11
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
Revenue, $m
  2,561
  2,651
  2,747
  2,851
  2,963
  3,082
  3,209
  3,343
  3,487
  3,638
  3,799
  3,969
  4,149
  4,339
  4,539
  4,751
  4,974
  5,208
  5,456
  5,716
  5,991
  6,279
  6,583
  6,902
  7,238
  7,591
  7,963
  8,353
  8,764
  9,195
  9,648
Variable operating expenses, $m
 
  532
  551
  571
  593
  616
  640
  667
  694
  724
  755
  771
  806
  842
  881
  922
  966
  1,011
  1,059
  1,110
  1,163
  1,219
  1,278
  1,340
  1,405
  1,474
  1,546
  1,622
  1,702
  1,785
  1,873
Fixed operating expenses, $m
 
  705
  723
  741
  759
  778
  798
  818
  838
  859
  881
  903
  925
  948
  972
  996
  1,021
  1,047
  1,073
  1,100
  1,127
  1,156
  1,184
  1,214
  1,244
  1,276
  1,307
  1,340
  1,374
  1,408
  1,443
Total operating expenses, $m
  1,186
  1,237
  1,274
  1,312
  1,352
  1,394
  1,438
  1,485
  1,532
  1,583
  1,636
  1,674
  1,731
  1,790
  1,853
  1,918
  1,987
  2,058
  2,132
  2,210
  2,290
  2,375
  2,462
  2,554
  2,649
  2,750
  2,853
  2,962
  3,076
  3,193
  3,316
Operating income, $m
  1,375
  1,413
  1,474
  1,539
  1,611
  1,687
  1,770
  1,859
  1,954
  2,055
  2,163
  2,296
  2,418
  2,548
  2,686
  2,832
  2,987
  3,150
  3,323
  3,507
  3,700
  3,904
  4,120
  4,348
  4,588
  4,842
  5,109
  5,391
  5,688
  6,002
  6,332
EBITDA, $m
  1,808
  1,870
  1,946
  2,029
  2,119
  2,215
  2,319
  2,430
  2,549
  2,675
  2,810
  2,953
  3,105
  3,266
  3,437
  3,618
  3,810
  4,013
  4,227
  4,453
  4,692
  4,944
  5,210
  5,491
  5,787
  6,099
  6,428
  6,774
  7,139
  7,524
  7,929
Interest expense (income), $m
  0
  14
  15
  15
  17
  18
  19
  20
  21
  23
  24
  26
  27
  29
  31
  33
  35
  37
  40
  42
  45
  47
  50
  53
  56
  60
  63
  67
  70
  74
  79
Earnings before tax, $m
  1,460
  1,400
  1,459
  1,524
  1,594
  1,670
  1,751
  1,839
  1,932
  2,032
  2,139
  2,270
  2,391
  2,519
  2,655
  2,799
  2,951
  3,113
  3,284
  3,464
  3,655
  3,857
  4,070
  4,295
  4,532
  4,782
  5,046
  5,325
  5,618
  5,927
  6,253
Tax expense, $m
  0
  378
  394
  411
  430
  451
  473
  496
  522
  549
  578
  613
  645
  680
  717
  756
  797
  840
  887
  935
  987
  1,041
  1,099
  1,160
  1,224
  1,291
  1,362
  1,438
  1,517
  1,600
  1,688
Net income, $m
  1,454
  1,022
  1,065
  1,112
  1,164
  1,219
  1,279
  1,342
  1,411
  1,484
  1,562
  1,657
  1,745
  1,839
  1,938
  2,043
  2,155
  2,272
  2,397
  2,529
  2,668
  2,816
  2,971
  3,135
  3,308
  3,491
  3,684
  3,887
  4,101
  4,327
  4,565

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  184
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  10,130
  10,314
  10,690
  11,095
  11,528
  11,991
  12,485
  13,009
  13,566
  14,157
  14,783
  15,445
  16,144
  16,883
  17,663
  18,485
  19,352
  20,266
  21,229
  22,242
  23,309
  24,432
  25,614
  26,857
  28,164
  29,538
  30,984
  32,503
  34,099
  35,778
  37,541
Adjusted assets (=assets-cash), $m
  9,946
  10,314
  10,690
  11,095
  11,528
  11,991
  12,485
  13,009
  13,566
  14,157
  14,783
  15,445
  16,144
  16,883
  17,663
  18,485
  19,352
  20,266
  21,229
  22,242
  23,309
  24,432
  25,614
  26,857
  28,164
  29,538
  30,984
  32,503
  34,099
  35,778
  37,541
Revenue / Adjusted assets
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
Average production assets, $m
  8,778
  9,084
  9,415
  9,772
  10,153
  10,561
  10,996
  11,458
  11,948
  12,469
  13,020
  13,603
  14,219
  14,869
  15,556
  16,281
  17,044
  17,849
  18,697
  19,590
  20,530
  21,519
  22,559
  23,654
  24,805
  26,016
  27,288
  28,626
  30,033
  31,511
  33,064
Working capital, $m
  0
  -191
  -198
  -205
  -213
  -222
  -231
  -241
  -251
  -262
  -274
  -286
  -299
  -312
  -327
  -342
  -358
  -375
  -393
  -412
  -431
  -452
  -474
  -497
  -521
  -547
  -573
  -601
  -631
  -662
  -695
Total debt, $m
  391
  416
  443
  472
  503
  536
  572
  610
  650
  692
  737
  785
  835
  889
  945
  1,004
  1,066
  1,132
  1,201
  1,274
  1,351
  1,432
  1,517
  1,607
  1,701
  1,800
  1,904
  2,013
  2,128
  2,249
  2,376
Total liabilities, $m
  718
  743
  770
  799
  830
  863
  899
  937
  977
  1,019
  1,064
  1,112
  1,162
  1,216
  1,272
  1,331
  1,393
  1,459
  1,528
  1,601
  1,678
  1,759
  1,844
  1,934
  2,028
  2,127
  2,231
  2,340
  2,455
  2,576
  2,703
Total equity, $m
  9,412
  9,571
  9,921
  10,296
  10,698
  11,128
  11,586
  12,073
  12,590
  13,138
  13,718
  14,333
  14,982
  15,667
  16,391
  17,154
  17,959
  18,807
  19,700
  20,641
  21,631
  22,673
  23,770
  24,923
  26,136
  27,412
  28,753
  30,162
  31,644
  33,202
  34,838
Total liabilities and equity, $m
  10,130
  10,314
  10,691
  11,095
  11,528
  11,991
  12,485
  13,010
  13,567
  14,157
  14,782
  15,445
  16,144
  16,883
  17,663
  18,485
  19,352
  20,266
  21,228
  22,242
  23,309
  24,432
  25,614
  26,857
  28,164
  29,539
  30,984
  32,502
  34,099
  35,778
  37,541
Debt-to-equity ratio
  0.042
  0.040
  0.040
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
Adjusted equity ratio
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,454
  1,022
  1,065
  1,112
  1,164
  1,219
  1,279
  1,342
  1,411
  1,484
  1,562
  1,657
  1,745
  1,839
  1,938
  2,043
  2,155
  2,272
  2,397
  2,529
  2,668
  2,816
  2,971
  3,135
  3,308
  3,491
  3,684
  3,887
  4,101
  4,327
  4,565
Depreciation, amort., depletion, $m
  433
  456
  472
  490
  508
  528
  549
  571
  595
  620
  646
  657
  687
  718
  752
  787
  823
  862
  903
  946
  992
  1,040
  1,090
  1,143
  1,198
  1,257
  1,318
  1,383
  1,451
  1,522
  1,597
Funds from operations, $m
  2,029
  1,478
  1,537
  1,602
  1,672
  1,747
  1,827
  1,913
  2,005
  2,104
  2,208
  2,314
  2,432
  2,557
  2,689
  2,830
  2,978
  3,135
  3,300
  3,475
  3,660
  3,855
  4,061
  4,278
  4,507
  4,748
  5,002
  5,270
  5,552
  5,849
  6,162
Change in working capital, $m
  84
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
Cash from operations, $m
  1,945
  1,484
  1,544
  1,609
  1,680
  1,755
  1,836
  1,923
  2,016
  2,114
  2,220
  2,326
  2,445
  2,571
  2,704
  2,845
  2,994
  3,152
  3,318
  3,494
  3,680
  3,876
  4,083
  4,301
  4,531
  4,773
  5,029
  5,298
  5,581
  5,880
  6,195
Maintenance CAPEX, $m
  0
  -424
  -439
  -455
  -472
  -491
  -510
  -531
  -554
  -577
  -602
  -629
  -657
  -687
  -718
  -752
  -787
  -823
  -862
  -903
  -946
  -992
  -1,040
  -1,090
  -1,143
  -1,198
  -1,257
  -1,318
  -1,383
  -1,451
  -1,522
New CAPEX, $m
  -768
  -306
  -332
  -356
  -382
  -408
  -435
  -462
  -491
  -520
  -551
  -583
  -616
  -651
  -687
  -724
  -764
  -805
  -848
  -893
  -940
  -989
  -1,041
  -1,095
  -1,151
  -1,211
  -1,273
  -1,338
  -1,406
  -1,478
  -1,553
Cash from investing activities, $m
  -717
  -730
  -771
  -811
  -854
  -899
  -945
  -993
  -1,045
  -1,097
  -1,153
  -1,212
  -1,273
  -1,338
  -1,405
  -1,476
  -1,551
  -1,628
  -1,710
  -1,796
  -1,886
  -1,981
  -2,081
  -2,185
  -2,294
  -2,409
  -2,530
  -2,656
  -2,789
  -2,929
  -3,075
Free cash flow, $m
  1,228
  754
  774
  798
  826
  857
  892
  930
  972
  1,017
  1,066
  1,115
  1,172
  1,233
  1,299
  1,369
  1,444
  1,523
  1,608
  1,698
  1,794
  1,895
  2,003
  2,116
  2,237
  2,364
  2,499
  2,642
  2,792
  2,951
  3,119
Issuance/(repayment) of debt, $m
  77
  25
  27
  29
  31
  33
  36
  38
  40
  43
  45
  48
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
  85
  89
  94
  99
  104
  109
  115
  121
  127
Issuance/(repurchase) of shares, $m
  299
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  357
  25
  27
  29
  31
  33
  36
  38
  40
  43
  45
  48
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
  85
  89
  94
  99
  104
  109
  115
  121
  127
Total cash flow (excl. dividends), $m
  1,585
  779
  801
  827
  857
  890
  927
  968
  1,012
  1,060
  1,111
  1,162
  1,222
  1,286
  1,355
  1,428
  1,506
  1,589
  1,677
  1,771
  1,871
  1,976
  2,088
  2,206
  2,331
  2,463
  2,603
  2,751
  2,907
  3,072
  3,246
Retained Cash Flow (-), $m
  -241
  -343
  -349
  -375
  -402
  -430
  -458
  -487
  -517
  -548
  -581
  -614
  -649
  -686
  -724
  -763
  -805
  -848
  -893
  -941
  -990
  -1,042
  -1,096
  -1,153
  -1,213
  -1,276
  -1,341
  -1,410
  -1,482
  -1,557
  -1,637
Prev. year cash balance distribution, $m
 
  184
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  620
  452
  452
  455
  461
  469
  481
  495
  511
  531
  548
  573
  601
  631
  665
  701
  741
  784
  831
  880
  934
  991
  1,053
  1,118
  1,188
  1,262
  1,341
  1,425
  1,515
  1,609
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  594
  414
  393
  375
  357
  341
  325
  309
  294
  278
  260
  245
  228
  212
  195
  178
  161
  144
  128
  112
  97
  82
  69
  57
  46
  37
  29
  22
  17
  12
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Public Storage is a real estate investment trust (REIT). The Company's principal business activities include the ownership and operation of self-storage facilities, which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities, such as merchandise sales and tenant reinsurance to the tenants at its self-storage facilities, as well as the acquisition and development of additional self-storage space. The Company's segments include Self-Storage Operations, Ancillary Operations, Investment in PS Business Parks, Inc. (PSB) and Investment in Shurgard Europe. As of December 31, 2016, the Company had direct and indirect equity interests in 2,348 self-storage facilities (with approximately 154 million net rentable square feet) located in 38 states in the United States operating under the Public Storage name.

FINANCIAL RATIOS  of  Public Storage (PSA)

Valuation Ratios
P/E Ratio 23.3
Price to Sales 13.2
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 17.4
Price to Free Cash Flow 28.8
Growth Rates
Sales Growth Rate 7.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 63.1%
Cap. Spend. - 3 Yr. Gr. Rate -10.3%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 4.2%
Total Debt to Equity 4.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 14.6%
Ret/ On Assets - 3 Yr. Avg. 13.2%
Return On Total Capital 15.1%
Ret/ On T. Cap. - 3 Yr. Avg. 13.6%
Return On Equity 15.6%
Return On Equity - 3 Yr. Avg. 14.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 73.8%
Gross Margin - 3 Yr. Avg. 73%
EBITDA Margin 73.9%
EBITDA Margin - 3 Yr. Avg. 73.3%
Operating Margin 53.7%
Oper. Margin - 3 Yr. Avg. 51.3%
Pre-Tax Margin 57%
Pre-Tax Margin - 3 Yr. Avg. 55.1%
Net Profit Margin 56.8%
Net Profit Margin - 3 Yr. Avg. 54.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 103.6%

PSA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PSA stock intrinsic value calculation we used $2561 million for the last fiscal year's total revenue generated by Public Storage. The default revenue input number comes from 2016 income statement of Public Storage. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PSA stock valuation model: a) initial revenue growth rate of 3.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for PSA is calculated based on our internal credit rating of Public Storage, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Public Storage.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PSA stock the variable cost ratio is equal to 20.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $688 million in the base year in the intrinsic value calculation for PSA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Public Storage.

Corporate tax rate of 27% is the nominal tax rate for Public Storage. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PSA stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PSA are equal to 342.7%.

Life of production assets of 20.7 years is the average useful life of capital assets used in Public Storage operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PSA is equal to -7.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $9412 million for Public Storage - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 174.258 million for Public Storage is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Public Storage at the current share price and the inputted number of shares is $34.1 billion.

RELATED COMPANIES Price Int.Val. Rating
CUBE CubeSmart 27.16 2.28  str.sell
EXR Extra Space St 86.60 4.44  str.sell
LSI Life Storage 79.90 11.18  str.sell
NSA National Stora 24.63 2.84  str.sell
PSB PS Business Pa 111.77 14.79  str.sell
BLK BlackRock 549.75 2,354.18  str.buy
CNS Cohen&Steers 40.97 36.30  sell

COMPANY NEWS

▶ 5 Stocks I'll Hold Forever   [Feb-22-18 07:42AM  Motley Fool]
▶ Public Storage to Host Earnings Call   [Feb-21-18 10:00AM  ACCESSWIRE]
▶ Public Storage Announces Senior Management Changes   [Feb-20-18 09:52PM  Business Wire]
▶ Public Storage Launches Be Our Valentine Video Contest   [Feb-08-18 05:15PM  Business Wire]
▶ Stocks That Fell to 3-Year Lows in the Week of Feb. 2   [Feb-04-18 04:11PM  GuruFocus.com]
▶ 52-Week Company Lows   [10:33AM  GuruFocus.com]
▶ Key Drivers of Extra Spaces 2018 Performance   [07:38AM  Market Realist]
▶ 52-Week Company Lows   [10:41AM  GuruFocus.com]
▶ These 4 REITs Will Thrive as Rates Rise   [03:56AM  Harvest Exchange]
▶ 52-Week Company Lows   [Jan-18-18 10:58AM  GuruFocus.com]
▶ Public Storage Announces Tax Treatment of 2017 Dividends   [Jan-16-18 07:06PM  Business Wire]
▶ Developers propose 8-story apartment tower, expanded self-storage in Fort Lauderdale   [Jan-12-18 04:28PM  American City Business Journals]
▶ 52-Week Company Lows   [Jan-11-18 10:35AM  GuruFocus.com]
▶ Does Public Storages (NYSE:PSA) PE Ratio Warrant A Buy?   [Jan-09-18 01:53PM  Simply Wall St.]
▶ 3 Top Dividend Stocks to Buy in January   [06:05AM  Motley Fool]
▶ 3 Top Quality Stocks for 2017   [Jan-03-18 06:00AM  Investopedia]
▶ Public Storage Launches Organization Video Contest   [Dec-29-17 12:32PM  Business Wire]
▶ 3 Unknown but Amazing Dividend Stocks   [Dec-27-17 09:21AM  Motley Fool]
▶ Stock Market News For Dec 21, 2017   [Dec-21-17 10:14AM  Zacks]
▶ 3 Great Stocks for Retirees   [06:03AM  Motley Fool]
▶ Public Storage Launches Holiday Stories Video Contest   [Nov-17-17 02:02PM  Business Wire]
▶ 10 More Simply Safe Dividend Stocks for Retirement   [Nov-13-17 02:24PM  InvestorPlace]
▶ 3 Top Quality Stocks for November 2017   [06:00AM  Investopedia]
▶ Is Public Storage (PSA) Undervalued?   [Nov-02-17 08:22PM  Simply Wall St.]
▶ New Public Storage Units Open in Plano, Texas   [Oct-30-17 02:30PM  Business Wire]
▶ Public Storage to Host Earnings Call   [Oct-26-17 09:00AM  ACCESSWIRE]
▶ Public Storage reports 3Q results   [06:36AM  Associated Press]
▶ Real Estate: Enter With Caution   [07:00AM  Morningstar]
▶ 3 Stocks You Don't Have to Babysit   [Sep-23-17 04:34PM  Motley Fool]
▶ How Public Storages Dividend Yield Compares   [Sep-18-17 11:15AM  Market Realist]
▶ Public Storage Provides Further Hurricane Irma Update   [Sep-15-17 08:12PM  Business Wire]
▶ Public Storage Provides Hurricane Irma Update   [Sep-12-17 05:53PM  Business Wire]
▶ Public Storage Provides Hurricane Irma and Harvey Updates   [Sep-10-17 05:17PM  Business Wire]
▶ Public Storage Provides Further Hurricane Harvey Update   [Aug-30-17 08:51PM  Business Wire]
▶ Public Storage Provides Hurricane Harvey Update   [Aug-28-17 10:09PM  Business Wire]
▶ 2 Stocks That Turned $10,000 Into $400,000 or More   [Aug-14-17 08:07AM  Motley Fool]
Financial statements of PSA
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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